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Outcomes of Eurasian Intergovernmental Council's meeting on January 31, 2025
The Eurasian Intergovernmental Council considered a report on the macroeconomic situation in the states of the Eurasian Economic Union and proposals to ensure sustainable economic development. As preliminarily estimated by the EEC, the aggregate GDP of the EAEU in 2024 grew by 4%, outpacing the global average growth rate (3.2%) and initial forecasts. The total value of mutual trade in goods continued to grow at a higher rate in 2024 compared to foreign and mutual trade in other integration associations and will reach almost USD 100 billion by 2026.
The Eurasian Intergovernmental Council instructed the Commission, jointly with the countries of the Eurasian Economic Union, to address the issue of expanding the mechanisms of financial support for joint cooperation projects to the agricultural sector and its infrastructure. Taking into account the specifics of the Union's agricultural sector, the Commission, jointly with the Member States, will prepare proposals on conditions for supporting the agricultural sector using the EAEU budget funds and on the relevant amendments to be made to supranational legislation.
The Eurasian Intergovernmental Council reviewed the report for 2022-2024 on the activities of the Eurasian Economic Union countries to develop railway, road and port infrastructure that is part of Eurasian transport corridors. Eurasian transport corridors account for about 70% of the transit traffic volume in the EAEU, which underlines the importance of synchronizing the development of the national sections in each country.
